News

Vacancy Rate Moves Up Slightly

By Sarah Wilson

The May residential rental vacancy rate for Ballarat increased slightly to 2.8%, up from 2.7% in April according to the latest figures released by the Real Estate Institute of Victoria.

Ballarat’s median rent for houses increased to $340 per week, up from $320 per week in April and units/townhouses also increased from $268 per week to $280 per week in May.

The Regional Victorian vacancy rate climbed from 1.9% to 2.0% over the month, however median house rents remain unchanged on $350 per week while units rose $10 to $290 per week.

In Geelong, house rental prices shrunk by $12 to $388 per week while house rents in Bendigo fell by $30 to sit at $330 per week.

The vacancy rate in Melbourne increased to 2.8% from 2.5% in April  while median rents for houses in Metro Melbourne decreased $10 to $455 per week and the median rent for units also decreased by $15 to $400 per week.

Source: REIV

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